Nigeria’s equities market on Friday August 2, recorded its first positive close this week, rising by 0.40 percent or N219 billion, thereby defying the ongoing protest against bad governance.
More investors bought stocks of Okomu Oil Palm, May & Baker, Oando, Total Energies and United Capital as half-year (H1) earnings season peaks.
The Nigerian Exchange Limited (NGX) All-Share Index and equities market capitalisation increased from preceding trading day’s lows of 97,359.76 points and N55.278 trillion respectively to 97,745.73 points and N55.497 trillion.
Read also: Equities market sees highest daily loss in Nigeria’s protest week
This record positive on the Bourse happened despite that aggrieved Nigerian youths had on Thursday, August 1 took to the streets across major cities of Africa’s most populous nation in line with their planned 10-day protest against bad governance and hunger.
“We have continued to see the bears reinforced their hold in the consumer goods space…. The banking sector also in the red. We expect the market to close the week lower, barring any unforeseen activity that would alter a shift in the prevailing sentiment in the market,” according to Lagos-based Vetiva Research analysts in their August 1 post trading note.
Stocks like UBA, Japaul Gold, Oando, Zenith Bank and Veritas Kapital Assurance were actively traded as investors in 6,603 deals exchanged 210,911,640 shares worth N3.951billion.
On the top gainers list, Okomu Oil Palm share price rose from N292 to N321.20, adding N29.20 or 10 percent.
May & Baker also rose from N6.40 to N7.04, adding 64kobo or10 percent. Oando also increased from N23 to N25.30, up by N2.30 or 10 percent.
Total Energies rose from N388.90 to N427.70 , adding N38.80 or 9.98 percent, while United Capital share price rose from N11.05 to N12.15, up by N1.10 or 9.95 percent.
The market’s year-to-date (YtD) return stood higher at 30.72 percent.
